Smaller-cap investment banks have been in the green every day since the Trump victory, among them Houlihan Lokey (HLI+3.3%), which today has broken through to another all-time high.

UBS's Brennan Hawken says that while restructuring activity may decline amid more optimism for the economy, boosted M&A potential, fairness opinions, and other services HLI offers could more than make up for it, and he's boosting price targets across his boutique IB coverage.

More: Corporate tax reform under Trump would be of "meaningful benefit" to HLI given its significant U.S. exposure (86% of revenue). Lazard (NYSE:LAZ) and Invesco (NYSE:IVZ) might even consider changing their domiciles to the U.S. to take advantage.

"Uncertainty always slows down M&A activity," says Evercore Partners (EVR-12.8%) CEO Ralph Schlosstein. "The price that buyers are willing to pay for companies weakens a little bit because there’s more risk, and more uncertainty.”